The Global Food Service Packaging Market is valued at $63.32 billion in 2016 and is expected to reach $103.51 billion by 2023 growing at a CAGR of 7.33% from 2016 to 2023.

Growth in demand for ready-to-eat food, changes in consumer demand patterns towards packaging and prevalence of using convenient packaging are the factors favouring the food service packaging market growth. On the other hand, the lack of awareness regarding food service packaging is hampering the market growth.

By material type, plastics segment dominated the food service packaging market with major market share due to its low cost for the manufacture of disposable foodservice products. In addition, Paper & paperboard segment is expected to grow at a faster rate during the forecast period as a result of increasing consumer affection towards sustainable materials. Asia Pacific region holds the largest share in Food Service Packaging market due to rapid urbanization and increase in fast food culture in emerging economies such as China, Southeast Asian countries, and India. However, North America is expected to witness the highest CAGR during the forecast period owing to the changing life styles of the people.